Philips Now Aims To Back Health Tech Startup; Plans To Set Up Venture Fund

6 March, 2016, India: Allured by the startup sector of the country, electronics and healthcare company Philips is now aiming to step inside the sector by backing the Health tech Startups. The company is planning to set up venture fund to invest in Indian Heath tech startups.

According to Jeroen Tas, who currently heads the company’s connected care and health informatics business, said that it is still early to elaborate on the company’s plan on setting the venture fund as still, the proposal is in its initial stage. Largely, the execution will depend on the success of the similar funds which the company has set up in Israel and Netherland. The company has set up around US $30 million fund in association with Israel-based company called Teva. These funds were raised to back up the startups that have been doing business from past eight years in the field of healthcare technology.

Tas, who also intends to park himself in the front rows of pitching sessions from Indian startups on his next visit to India, said that Bengaluru had become an important hub for the company, given the abundance of high-quality tech talent, reports ET.

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